Consolidated cash flow statement
€ million | Note | 2017 | 2016 | ||
Cash flow from operating activities | |||||
Profit after tax | 203 | 282 | |||
Adjustments for: | |||||
- Finance income and expense | 43 | 54 | |||
- Tax | 68 | 42 | |||
- Results from associates and joint ventures | -9 | 5 | |||
- Depreciation, impairment and amortisation | 327 | 329 | |||
Book profit sale Endinet | - | -176 | |||
Changes in working capital: | |||||
- Inventories | -10 | -7 | |||
- Trade and other receivables | -61 | 10 | |||
- Trade and other payables and accruals | 29 | 20 | |||
Total changes in working capital | -42 | 23 | |||
Changes in deferred tax, provisions, derivatives and other | -35 | -32 | |||
Cash flow from operations | 555 | 527 | |||
Interest paid | -47 | -65 | |||
Interest received | 2 | 2 | |||
Corporate income tax paid (received) | -56 | -88 | |||
Total | -101 | -151 | |||
Cash flow from operating activities | 454 | 376 | |||
Cash flow from investing activities | |||||
Investments in property, plant and equipment | -666 | -680 | |||
Construction contributions received from third parties | 96 | 99 | |||
Investments and divestments in financial assets (associates and joint ventures) | 14 | -5 | |||
Sale of high-voltage grid | 7 | - | |||
Cash flow from the reparcelling operation | - | 359 | |||
Cash flow from the acquisition of450connect GmbH | - | -5 | |||
Cash flow from investing activities | -549 | -232 | |||
Cash flow from financing activities | |||||
Redemption EMTN | - | -100 | |||
ECP financing issued (redemption) | 183 | 29 | |||
Long-term debt issued (redemption) | 81 | -27 | |||
(Redemption) loans granted | -11 | 4 | |||
Received (granted) current deposits | 15 | 10 | |||
Reimbursement subordinated perpetual bond | -16 | -16 | |||
Dividend paid | -104 | -85 | |||
Cash flow from financing activities | 148 | -185 | |||
Net cash flow | 53 | -41 | |||
Cash and cash equivalents as at 1 January | 48 | 89 | |||
Net cash flow | 53 | -41 | |||
Cash and cash equivalents as at 31 December | 101 | 48 |